February 10 or the 11 to be exact. See below
01/27 10:23 UPC begins roadshow delighted at Microsoft holding
AMSTERDAM, Jan 27 (Reuters) - Cable television to telephone firm United Pan-European Communications (UPC) began its share listing roadshow on Wednesday safe in the knowledge that Microsoft <MSFT.O> is to take a $300 million stake.
"We've had one-on-ones with investment groups here and lunch with 50 to 60 groups today. The Microsoft thing certainly hasn't hurt either," said Chief Executive Officer Mark Schneider.
On Tuesday, UPC said it would be raising between 960 million and 1,080 million euros, almost double the amount it originally planned, while parent company United International Holdings <UIHIA.O> said Microsoft would be taking a stake of around seven percent.
The U.S. software giant has also signed a letter of intent with UPC for technological cooperation. Schneider stressed on Wednesday UPC was not just a cable television company, saying UPC's non-cable activities -- voice and data telephony and internet -- would provide the growth for the future. Within a decade, cable's contribution to revenue could drop to less than half, he said.
UPC plans that, excluding the Microsoft holding, some 75 percent of its newly listed shares will be in Amsterdam and 25 percent on Nasdaq.
It has given an indicative share price range of 24 to 27 euros. It expects to announce its share price on February 10 and begin trading the next day.
Chief Financial Officer Tim Bryan said UPC did not intend to pay dividends and did not expect to produce a positive net income for the foreseeable future.
"We are a cashflow business. We intend our new activities to be EBITDA positive after two to three years," Bryan said.
Schneider said UPC was likely to be an acquisitive company around its European base. He added that the German language proficiency UPC had developed in Austria could be transferred to Germany and Switzerland. Denmark, Sweden, Spain and Ireland were other possibilities.
For Microsoft, UPC will represent its second stakeholding in a European cable group. On Monday, it said it would take a $500 million stake in NTL Inc <NTLI.O><NTLI.ED>, Britain's number three cable television operator.
|
